(EMAILWIRE.COM, July 14, 2008 ) Pat Gage recently attended a conference where he discussed creating business credit and keeping it separate from personal credit. Using one’s personal credit for business is not a good practice; It will limit the amount of money a business can borrow, which can stunt or kill the growing of the business. In addition, it can affect personal borrowing power if the business goes through a rough patch.

Pat covered some steps to take when starting a business. The first he said to do is to set the business up as its own legal entity, not a DBA, and verify the business by listing it in the national 411 directory. Build a good relationship with supply or service vendors and get a business credit card, using the business credit information only.

Once the basics of business credit are set up, one can start getting business loans with business credit alone. Business credit works quite differently than personal credit. Business credit looks at assets and liabilities.

Business lenders may want past and current sales figures and projections as well as debt-to-income ratio when considering whether to issue credit to a business. . But what they really want to know is how sales are going to improve if they loan the money. One should be able to explain how the loan is going to benefit the business.

Pat Gage, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty - starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach, but also a national speaker. For more information on any topic discussed, visit Gage’s site at http://www.10stepstomoney.com

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Destiny Now, LLC
Pat Gage
Tel: 734-261-0688
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